New York Launches Largest Green Bank in the United States

New York Governor Andrew Cuomo recently announced that business operations have begun for the New York Green Bank, a mechanism to spur private sector investments in clean energy and energy efficiency that is the largest of its type in the nation. The bank is currently seeking financing proposals from investors, lenders, industry participants and institutions for renewable energy and energy conservation projects. The $1 billion initiative was introduced in Cuomo’s 2013 State of the State Address.

“The NY Green Bank will be the catalyst for significantly accelerating the flow of private capital to energy efficiency and renewable energy projects and will send a message to the financial markets that expanding our clean energy economy is a priority for New York State,” Governor Cuomo said. “[Wednesday’s] announcement that the NY Green Bank is ‘open for business’ confirms the State’s unwavering commitment to a more cost effective and resilient energy system, to creating green jobs and to providing a cleaner environment for all New Yorkers.”

The bank includes an initial capitalization of $210 million that will be used towards boosting the clean tech sector with wind, solar and other renewable energy commercial scale projects.

“We are excited to start engaging the market and finding innovative ways to bring more attractive clean-energy investments within reach of the private sector,” said Alfred Griffin, President, NY Green Bank. “This announcement underscores Governor Cuomo’s commitment to establishing public-private partnerships that can expand clean-energy markets, drive scale in deployment of commercially proven technologies, and enable investors and businesses to take advantage of attractive clean-energy project opportunities across the State.”

On the national level, Congresswoman Rosa DeLauro (D-CT) has proposed the 2013 National Infrastructure Development Bank that would leverage the private sector to solve the country’s infrastructure deficit by modernizing the nation’s infrastructure. The bank would direct investments to the transportation, environmental, energy and telecommunications sectors. Projects funded by the infrastructure bank would be subject to Buy America provisions requiring that all manufactured goods are domestically produced.